According to new data, staff are most likely to see their pay rise by the same amount as last year. Some 44% of bosses intend to award a similar wage increase, while 28% will compensate employees more generously. Another 28% say their workers face a smaller pay rise than last year. The figures are based on a survey of 121 firms, which collectively employ 2.8 million people and was conducted by Incomes Data Research (IDR).
The findings from the survey indicate that more than three-fifths of pay awards are likely to fall within the range of 3% to 3.99%. Zoe Woolacott from IDR commented on the situation, stating, «Inflation is currently higher than it was a year ago, which has applied upward pressure on pay to some extent. The results from our poll reveal that inflation continues to be a significant concern for employers.»